Later in the week, S@ccfm met GG for lunch and discovered what her real intentions were. She referred to this as her Gift from God and laid it all out. She wanted S@ to purchase $25,000 in Microsoft stock at the Market in the name of the Trust from young Tommy who is a nice boy and had just started at Merrill Lynch so could use the Commission, to hold in the trust for 30 years at which tim, the Sauve@ one would distribute the proceeds to the Beneficiaries as directed. Suave would have full discretion over the account and it would be their little secret. They finished their lunch said their goodbyes and Suave tidied up the paperwork.
GG died fulfilled just 4 short years later with the knowledge the seed they planted together was growing quite nicely.
26 years had passed and Suave was now ready for the Big reveal to all the Beneficiaries, simultaneously, in the same room just as GG had envisioned it.
Turns out 50% would go to the Church. Let’s face it. God brought GG and Suave together many years ago for This day and since He is a much Bigger guy than Joe Biden, he deserves a bigger cut, right?
But the interesting part of the story came with the other 50%.
Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
I think I’m going to be Caren here in a few years. FYFMFE
Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
I think I’m going to be Caren here in a few years. FYFMFE
Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
I think I’m going to be Caren here in a few years. FYFMFE
Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
I think I’m going to be Caren here in a few years. FYFMFE
Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
I think I’m going to be Caren here in a few years. FYFMFE
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
Disagree. America is House rich which is why homeowners and small re investors are about to get squeezed in Washington state and I’d imagine every blue state in the country. The report is from fidelity, the data is comprehensive. You 401(k)/IRA Millionares out there are not particularly common.
I met a guy in Lauralhurst(?) about three years ago. Some property tax issue was in the news, I can’t remember which one, he casually mentions the thousands he’s about to get jacked and laughed it off. He was asked if he had a limit where it’s “too much” Nope. Not at all. The way he looked at it, whatever was happening in Seattle appreciation wise far outweighed the amount he was getting hit for and although it would eventually cause him a cash flow issue, he was confident the market would always lend against his rising equity to fund their need for increasing property tax.
You could very well be correct in your premise that America is house rich and lacking in investment wealth. But, the data cited by Fidelity is not comprehensive and inclusive of other investment advisors or brokers. The chart and data from which the chart is derived include only Fidelity accounts. In addition, since it is not per person, there may be people with retirement assets in many different accounts, like 200k in a traditional IRA, 400k in a Roth IRA, and 500k in a 401k, all at Fidelity. Since it’s by account and not investor, such a person would not be included as a 401k/IRA millionaire according to Fidelity’s criteria.
While I believe there are probably a lot of Gen X that need to save more, from my circle of friends I literally know no one not maxing 401k contributions to the individual IRS limit of $19,500. That adds up to reasonably significant household wealth in a 10 year bull market with a working spouse who also maxes the 401k contribution.
I don’t live in Seattle and haven’t since I graduated from UW. I live in DC and it seems to have similar real estate prices to Seattle at the present time. DC proper property appreciation has been pretty significant over the last 10-15 years. With certain gentrifying areas appreciating at warp speed.
Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
I think I’m going to be Caren here in a few years. FYFMFE
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
The main problem is people's kids. My uncle's family started maybelline.
His family pissed everything away gambling and dumb shit so he lives rather humbly and is cheap. (He controls all the family dough)
But he has to be or he'd have nothing and never be able to help out the grandkids if they need it. Who shockingly didn't turn out to be trust fund shitheads.
The max contribution annually to an IRA is 6K (7K after you're 50). Contributing a full 6K, with 10% return takes around 30 years to hit a million. At 15% return it is still ~23 years.
Doing that for a 401K using 19K as the assumed contribution takes 16 years at 15% return and 20 at 10% return. Sure you can go higher than the 19K, with employer match (Love my 6.5% extra there) but it obviously takes a long time to hit 1m with optimistic assumptions on the contributions during the early years.
I'm also curious if these are numbers for a single account or across multiple accounts. IRAs having so many are surprising given the lower contribution allowances, but perhaps with 401K rollovers to IRAs boost those numbers.
You’re forgetting that you can roll 401(k)s, and other retirement vehicles into your IRA. A good chunk of my Roth IRA was from a former employer’s profit sharing plan.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
My number has always been 2M, which seemed like a pipe dream 30 years ago. But, once you start seriously saving, it snowballs in a hurry. Now, thanks to the Swaye ‘blowing up terrorists’ retirement plan, I don’t need to really touch those assets. Having medical included with my retirement is huge. Something I didn’t appreciate when I was 17 but understand completely now that I’m 55.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
My number has always been 2M, which seemed like a pipe dream 30 years ago. But, once you start seriously saving, it snowballs in a hurry. Now, thanks to the Swaye ‘blowing up terrorists’ retirement plan, I don’t need to really touch those assets. Having medical included with my retirement is huge. Something I didn’t appreciate when I was 17 but understand completely now that I’m 55.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
My number has always been 2M, which seemed like a pipe dream 30 years ago. But, once you start seriously saving, it snowballs in a hurry. Now, thanks to the Swaye ‘blowing up terrorists’ retirement plan, I don’t need to really touch those assets. Having medical included with my retirement is huge. Something I didn’t appreciate when I was 17 but understand completely now that I’m 55.
Good point about medical. Question: how does it differ from Medicare? I know you have to pay some amount for additional coverage, but from everyone I've talked to about it, the coverage is fantastic and it's not expensive to get Part B, or whatever it is you need to get that is beyond the basic coverage.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
I am trying to basically replace my current salary (+ a little more) on passive earnings on X. I guestimate X by assuming I can find a relatively safe 4% APR. Just back of napkin lawyer maff; not real maff. It may be harder to earn safe 4% than I am assuming.
And as another poster mentioned, I intend to have a side hustle. Something I enjoy and that keeps me awake. So, for example, NOT THE FUCKING PRACTICE OF LAW. JFC, there should be an annual day of thanks that any of us want to do it. It's not a fun way to make a living IMO.
I see myself doing it another 5 or 6 years and then calling it good. Retire before 60, but not too long before. The kids college fucked that plan up.
The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.
You’re right; it’s not. The Yahoo version of the article was a little misleading. The WAPO version made it more clear it was limited to Fidelity plans.
So I assume VG has at least Fidelity-like numbers and then there are smaller players.
Even extrapolating from the Fidelity numbers using rough guesstimates, seems there aren’t a lot of Americans with 7 digits in their 401k.
One of my buddies runs the annual American finance report for one of the big 4. He always sends me a free copy where you can segregate by age/education/savings type etc etc. it’s very depressing to look at (especially for the older gen x types).
Millennials are actually doing a pretty good job stowing away cash (probably from habits learned while living at home with their parents 2008-2011ish). Gen x though...woof. Hard to envision how many of them will ever be able to retire
In your estimation, what should a Gen X-er about 8 years from retirement have in retirement investments? Is it fair to include the lump sum value of a pension benefit?
Yes—id include that for sure. Everyone’s situation is unique, so I don’t want to name a number (and to be honest I don’t know enough about it for your age group, I’ve only really given it thought for my own age range which is completely different, since I don’t think we will have SS to dependably rely on) but I would assume you’re in good shape, esp in comparison to your peers.
When I say woof about gen x, I’m talking how 35% of 50 year olds have
I struggle with the number. I am aiming at $5 to $6M in investments. House is paid; will finance construction of the lake place in the next year or so. Stand to inherit some money/property. Kids college is done and they have no debt. Two more weddings and I’m free.
Goal is to live off investment returns and leave the corpus to my kids. Will likely rent the Seattle place out when I pull up stakes. Want to keep my foothold in Seattle because I’m convinced long-term it’s gong to be a hard place to move back to if you left the market.
This is far and above what 90% of America ever aspires to. 5-6M is still serious money. We have been conditioned to think that everyone has Bentley's and shit now. They don't. Sure, the top 10% live very well in this country, but for the most part most people are still working poor.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
My number has always been 2M, which seemed like a pipe dream 30 years ago. But, once you start seriously saving, it snowballs in a hurry. Now, thanks to the Swaye ‘blowing up terrorists’ retirement plan, I don’t need to really touch those assets. Having medical included with my retirement is huge. Something I didn’t appreciate when I was 17 but understand completely now that I’m 55.
Great point. I can't even really calculate the value of Tricare. I pay 48 bucks a month I think for the whole damn family and there are no deductions. Coverage starts right away, with small copays, and we use all local doctors (not military hospitals). It is the best benefit and worth it's weight in gold. No medical worries, in quality or cost of service, for life.
Comments
GG died fulfilled just 4 short years later with the knowledge the seed they planted together was growing quite nicely.
26 years had passed and Suave was now ready for the Big reveal to all the Beneficiaries, simultaneously, in the same room just as GG had envisioned it.
Turns out 50% would go to the Church. Let’s face it. God brought GG and Suave together many years ago for This day and since He is a much Bigger guy than Joe Biden, he deserves a bigger cut, right?
But the interesting part of the story came with the other 50%.
You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.
Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”
Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim
While I believe there are probably a lot of Gen X that need to save more, from my circle of friends I literally know no one not maxing 401k contributions to the individual IRS limit of $19,500. That adds up to reasonably significant household wealth in a 10 year bull market with a working spouse who also maxes the 401k contribution.
I don’t live in Seattle and haven’t since I graduated from UW. I live in DC and it seems to have similar real estate prices to Seattle at the present time. DC proper property appreciation has been pretty significant over the last 10-15 years. With certain gentrifying areas appreciating at warp speed.
I have a good friend who is well placed at Fidelity and manages a portion of their "asset management" business for top 10%'ers. I asked him to run some numbers for me.
I said how much money do I need to maintain a 100K per year lifestyle (that is actually pretty modest) in retirement. I was mid-40s at the tim, and I told him to expect a retirement cap at 60. The 100K per year was in today's (2018) dollars, and he could adjust that for inflation so the figures would make sense 15 years in the future (2033). I also told him to do it based on index funds. He crunches numbers for awhile, asks some questions, and says 3M, assuming no mortgage and no major debts (student loans for kids, etc.). So then we run the calculation for me specifically, as I have that glorious military retirement, and it cut the amount I need to save down to 1.2M - to live that same 100K a year lifestyle. Huge difference.
100K a year might sound like a bunch to some people, but my property taxes alone eat the first 8K of that, throw in cable, phone, other normal bullshit and I probably start the year down 20K of that 100K before I have purchased one item of food, powered my house, bought a tank of gas, taken a trip, or done any home repairs/upgrades. Or bought a new car. Or anything else. To me a 100K per year retirement is a modest, but very comfortable, retirement (provided you are mortgage free which is my focus right now). You aren't driving a Bentley and wintering in Monaco, but you have plenty of money for a few small trips a year and to eat out as much as you want.
The point I am making is 5-6M is over a 200K per year retirement I assume (I no gud at maff), which is beyond a comfortable retirement. You will love life. Goddamn swarthy Cubans.
So I axed my buddy what percentage of Americans are going to retire with that 3M and no mortgage figure to have a comfy but not outlandish retirement. He laughed. Less than 5% was his very serious answer. I think social media sometimes makes us think everyone is Park Avenue rich, but it just ain't so. I could be wrong of course, but I'm not usually wrong.
Also thanks to everyone on this bored. You paid for me to blow up terrorists all those years, and now you are paying me to only need 40% of what everyone else needs for a nice retirement. 1.2M and a paid for house seems super doable. Hell I'm aiming for 1.8M just to have some extra to hit the strip clubs when I'm 70.
*you're
#resortingtothemalarkeyforclicks
His family pissed everything away gambling and dumb shit so he lives rather humbly and is cheap. (He controls all the family dough)
But he has to be or he'd have nothing and never be able to help out the grandkids if they need it. Who shockingly didn't turn out to be trust fund shitheads.
And as another poster mentioned, I intend to have a side hustle. Something I enjoy and that keeps me awake. So, for example, NOT THE FUCKING PRACTICE OF LAW. JFC, there should be an annual day of thanks that any of us want to do it. It's not a fun way to make a living IMO.
I see myself doing it another 5 or 6 years and then calling it good. Retire before 60, but not too long before. The kids college fucked that plan up.